Exercise 6-4 Riverbed Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed's purchases of Xpert snowboards during September is shown below. During the same month, 322 Xpert snowboards were sold. Riverbed's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 61 HK$973 HK$ 59,353 Sept. 12 Purchases 120 1,032 123,840 Sept. 19 Purchases 53 1,062 56,286 Sept. 26 Purchases 117 1,136 132,912 Totals 351 HK$372,391 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 6-4
Riverbed Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed's purchases of Xpert snowboards during September is shown
below. During the same month, 322 Xpert snowboards were sold. Riverbed's uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
61
HK$973
HK$ 59,353
Sept. 12
Purchases
120
1,032
123,840
Sept. 19
Purchases
53
1,062
56,286
Sept. 26
Purchases
117
1,136
132,912
Totals
351
HK$372,391
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125
and final answers to 0 decimal places, e.g. 125.)
FIFO
Average-Cost
The ending inventory at September 30
HK$
HK$
Cost of goods sold
HK$
HK$
(b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to
O decimal places, e.g. 125.)
FIFO
Average-Cost
The sum of ending inventory and cost of goods sold
HK$
HK$
Transcribed Image Text:Exercise 6-4 Riverbed Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed's purchases of Xpert snowboards during September is shown below. During the same month, 322 Xpert snowboards were sold. Riverbed's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 61 HK$973 HK$ 59,353 Sept. 12 Purchases 120 1,032 123,840 Sept. 19 Purchases 53 1,062 56,286 Sept. 26 Purchases 117 1,136 132,912 Totals 351 HK$372,391 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$
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